Digital or die

Reinventing a classic

Luca Pacioli, the Father of Accounting and Bookkeeping, invented the double-entry bookkeeping system in 1494. Today, our research shows that a revolution is gathering pace to bring his innovation into the 21st century, and those who wait will be left behind.

The profession is accountable for its own survival

Almost half of the advisors we surveyed believe practices need to go digital to survive. Forward-thinking accountants and bookkeepers are acutely aware of the competitive advantages technology drives and, crucially, so are their customers.

45%

of advisors believe practices need to go digital to survive

18%

of firm-based accountants still work on paper ledgers

Old methods continue to strangle practice efficiency

More than three-quarters of firm-based accountants still use spreadsheets sometimes, with nearly a fifth (18%) working on paper ledgers. How much more efficient could those advisors be with streamlined digital processes?

Digital firms generate much more revenue per employee

A study of Xero partners showed that digital practices boost revenue per employee by more than a third. Online software improves efficiency and profitability, so employees get the time they need to deliver valuable advisory services.

34%

increase in revenue per employee at digital practices

4x

year-over-year revenue growth in digital practices running Xero

Practices grow significantly faster when they go digital

Can digital software help you to grow your practice? The statistics say (perhaps even shout) yes. Year-over-year revenue growth of digital practices running on Xero was 12%, that’s four times the industry average of 3%.